MarketEdge PM Comments
Aug 04, 2023
(Taylor Bensenberg)
Good afternoon,
Corn ended its streak of lower closes by finishing the day 3 cents higher. At one time overnight corn was up 12 cents but improved rain chances this weekend brought prices back down. Beans were stronger for the second consecutive day closing 5-10 cents higher. For the week nearby corn lost 37 cents and new crop was down 33 cents. Nearby beans were down 43 cents and new crop futures were down 50 cents.
Have a great weekend!
Good afternoon,
Corn ended its streak of lower closes by finishing the day 3 cents higher. At one time overnight corn was up 12 cents but improved rain chances this weekend brought prices back down. Beans were stronger for the second consecutive day closing 5-10 cents higher. For the week nearby corn lost 37 cents and new crop was down 33 cents. Nearby beans were down 43 cents and new crop futures were down 50 cents.
- Overnight Ukraine used drones to attack a Russian warship near a major port, this had the corn market double digits higher at one time in the overnight trade. Wheat was up 26 cents at one time over night before settling 2-6 cents higher.
- Favorable weather is on the way for most of the corn belt this weekend into next week.
- Crop conditions are expected to improve come Monday due to cooler temperatures and precipitation.
- Both corn and bean old crop exports have been less than impressive (one of the worst paces in recent history since the beginning of March).
- Yesterday the U.S. denied Mexico's request for joint GMO research.
- A week from today is the next WASDE report which will include estimates for 2023 corn and bean yields (these numbers could increase market volatility).
Have a great weekend!